Bitcoin Forum

I just saw it from reddit, try to look at there official twitter account but so far I haven't seen anything. Did anyone of you using Gemini see the difference though?

What do you think will be the impact if all trading exchanges started to adopt Segwit (P2SH type) and (P2WPKH type)?

after nearly one year and a half? nothing. :D
in fact this should raise the question about why the hell have they (and also a lot of others) have been waiting and postponing addition of Segregated Witness related features to their platforms? security reviews, upgrades, and all the precautions of adding a new thing takes a couple of months (6 at most) not this long.

ps. I am wondering whether things like this can create some sort of competition. for example will traders choose Gemeni over Coinbase because they support SegWit?

Better late than never. And being this late they skipped the P2SH step and went directly to P2WPKH. It should be good for the network (load).


Nah. Traders should go for the liquidity, fees, UX/UI, and other things that really help. I don't expect the exchange's address format matter for them.

Segwit adoption around 50%, going slow but steady. :)

this is definitely great and they get an extra point for supporting Bech32 addresses which is the more important part in my opinion.
but i am personally not going to get excited about things like this because i am strongly hope to see even one exchange to start adopting Lightning Network and start letting people deposit/withdraw that way. if that happens we can expect a big boom in the industry.

https://twitter.com/Gemini/status/996439462098952192

Lol, and now this is the future, been almost a year before they finally decided.

Probably will do good thing for us specially that adoption of Segwit is very slow and we need those exchanges to really support as to minimised the network congestion specially if bitcoin price goes to the moon again in 2020.

It's better late than never. Segwit just happened to take a bit longer to roll out than people expected. Combined with the Lightning Network, the fees should be low during the next bull market.

Correct, we have problems with the fees and the network congestion during the last bull-run, so if exchanges will also follow and implement Segwit then definitely it will be a big help to alleviate the expected high traffic when the price spike again.

I also wonder what other exchanges are still into the legacy address though?

Maybe they are also thinking of implement SegWit in their exchange I just don't know why the hell are they still thinking. Maybe they think that there won't be any other bull run to come.

No, I never use Gemini because I think it's a small exchange compared to the other exchanges.
I will think from the ordinary people who tried trading in one exchange and as a person who only wants to send and receive the coin without a problem.

For people who have this will think that if there is no problem for me to use a wallet with or without segwit, then I will stick to the previous wallet than to moves into a new one. But if it's necessary, I will try to move my funds to the new wallet but I still fine with the old wallet so I don't think that I need to move all of the funds to the new wallet.

The exchange will make a change for their website if they think that adopt segwit will makes their site better than before. But if it's not, then they will use the old method because they are fine with that.
But still, it could impact or not, and we need to wait for what the exchanges will do after this.

Of course there will be impact. We might not felt the effect right now, but in the long run when mempool started to choke again as transactions are getting bigger, maybe using Segwit will be an advantage to those trading platforms who chooses to adopt it right now.


Probably some will specially again in cases when there is a network congestion. Perhaps traders will shift to a exchange wherein they can withdraw/deposit funds much quicker because of Segwit adoption.

https://www.reddit.com/r/IAmA/comments/adk0ua/we_are_cameron_and_tyler_winklevoss_cofounders_of/edho8l8/

There's yer answer from one of the mans themselves.

'Our Bitcoin hot wallet was made before Segwit was but a twinkle in Pieter Wuille's eye. It would be very tricky to retrofit Segwit into there. So we built a new hot wallet, from the ground up, with support for Segwit, transaction batching, Bech32 addresses, and all sorts of other goodies. We used that new system for Zcash, Litecoin, and Bitcoin Cash, which is why we're already using both native and P2SH wrapped Segwit for Litecoin. We're working on migrating Bitcoin to the new system, and it should be done in Q1.'

I think it's easy to underestimate how much of a grind it could be for large scale set ups and since it doesn't really make them any extra money why bother until they have the time spare?

It's a piece of piss for a regular person. Much less for them.

Good change, after all the time passed... After all, exchanges should be one of the first to use it. However to reply to someone: Usual traders don't care to use an exchange because it uses Segwit. And to be honest the Segwit adoption isn't increasing a lot (at least like what we were expecting) http://charts.woobull.com/bitcoin-segwit-adoption/ I would have thought that since then is much more generalized

The main reason for Segwit adoption to be so slow and somewhat disappointing, is solely the result of how cheap the fees currently are.

Services seem to be ok with how the situation is right now, which means that upgrading to Segwit is very low on their priority list, especially with how batching transactions seems to be the more popular route to follow. I welcome any attempt to utilize block space more efficiently, so batching transactions is a positive development too.

We need weeks, or months worth of high levels of network congestion to make services realize why Segwit is such an important upgrade. We're all humans in the end, an we all need to be reminded why things matter by going through situations highlighting the weaker points.

Or we need bitcoin to go to another all time high and see the network congested again and people complaining about exchanges not batching or not using Segwit.  ;D. As the saying goes, "better late than never", and at least they have move forward after a year and this change will have good consequences in the future.

And Segwit adoption is close to 50% now. It's a hard and steady growth. I think if more exchanges would adopt it, growth will be in the 60% range.

https://transactionfee.info/charts/payments/segwit

I think that Binance on its own will be able to lift the rate of Segwit adoption with 5% due to how big and popular they are. If anyone has a Twitter account, ask CZ on Twitter @cz_binance when they plan to upgrade to Segwit. The more people do so, the more likely it is that he (the CEO) will pick it up.

Does anyone here who gambles from time to time know if the most popular gambling sites already utilize Segwit? With gambling being such a big industry (has always been so) they potentially could be pushing Segwit adoption past 75%.